Print it after customization. Grantor acquired the property hereinabove described by instrument recorded in Deed Book ____at page ____. Unfortunately, the seller is not guaranteeing that he owns any right, title, or interest to the property to transfer. If you have any doubts, you can ask a real estate lawyer online. *Make sure this life estate deed language complies with your local real estate laws before using it. Star Athletica, L.L.C. Because Jim provided a general warranty deed to Tom, Jim is responsible for fixing the title defect, which would entail settling the tax debt, and obtaining a lien release from the tax authority. The information contained in a warranty deed form may vary slightly by state, but they generally contain certain information, including: A warranty deed form may also contain additional terms such as: The completed warranty deed must be signed by the seller before a notary public, at which time it becomes a binding agreement. This trust agreement in the form of a Warranty Deed form sample template can be downloaded by sellers who have an authority in selling properties to new buyers. making and delivery of this deed the premises are free from all encumbrances other than those described above; and that the Grantor warrants the quiet enjoyment and peaceable possession of the premises, and will defend the title to the premises as set THIS DEED,is dated , 20 , and is made between , (whether one, or more than one), the “Grantor,” of the * County of and State of , and (whether one, or more than one), the “Grantee,” whose legal address is of the County of and State of . Details. Free General Warranty Deed Form. It guarantees that the transaction won’t be contested (or if it is, the claims have no merit). A warranty deed is an important legal document used to show ownership of real estate, and must be filled out properly. The job of the title company is to perform a title search to ensure there are no encumbrances, and that the seller has the right to sell the property. While it would seem that title insurance is especially beneficial when the property is transferred by quitclaim or other non-warranty deed, buyers should be cautious, as some insurance companies void a title insurance policy if the buyer accepts a quitclaim or non-warranty deed. v. Varsity Brands, Inc. A deed that contains a warranty as to the condition of the title. A warranty deed is the most common type of deed used to transfer real property from a seller to a buyer in exchange for money or other assets. A deed is a legal document that transfers ownership of real property from one person or entity to another. on Prohibited Sample. |�_o Warranty deeds also state that if … Many people enlist the assistance of a real estate attorney, or real estate professional to ensure there are no problems with the warranty deed. While a quitclaim deed, or non-warranty deed, is a quick and easy to transfer real property title, it is generally used only to transfer property between family members, into a trust, or to one spouse in a divorce. In this case, Tom would have to clear the property title himself. A warranty deed can be complicated if the person creating it is inexperienced with real estate transactions. The following are additional or optional terms that you may want to include in your Warranty Deed: Specify whether Seller will reserve any interest in the property"s oil, gas or other mineral rights: If yes, specify percentage of rights retained. this is a suggested form of a deed recommended by the real estate section of the virginia bar association (and reprinted from the fee simple, a publication of the real estate section of the virginia state bar). Finally, the deed must be filed with the county recorder of the county in which the property is located. If the seller of the property dies or goes bankrupt then the buyer is not left with any option as the warranty becomes void. Some deeds provide no warranty as to the title or property. It does not make any promises, or hold the seller liable, for any encumbrances to, or other problems with, the title prior to his ownership. (adsbygoogle = window.adsbygoogle || []).push({}); Example of the Difference Between a General Warranty Deed and a Special Warranty Deed. this form is not mandatory; other forms are available. A deed is a legal document that transfers title to real property from one person to another. In a special warranty deed, the seller promises only that there have been no problems with the title during the period of his ownership. They have the right to convey the property, They can and will defend the title against claims, They guarantee that they own the rights to the property, There are no encumbrances against the property unless it is specified in the deed, County and state in which the property resides, Name and address of both buyer and seller, Name and address of the party to which the original deed will be sent, whether the buyer, seller, trustee, or attorney, Name and address of the party to whom property tax information will be sent, Whether or not the seller will reserve any interest in the property and, if so, the percentage of rights reserved, Whether the seller will retain an ownership interest until the time of his death. This protects the financial interests of the buyer as well as the lender in the event a problem arises with the property’s title. A non-warranty deed, or “quitclaim deed,” is risky, especially if the seller and buyer do not know each other well. Example of the Difference Between a General Warranty Deed and a Special Warranty Deed In 2014, Tom purchases a building from Jim, transferring the property with a general warranty deed. There are several types of deed, each of which serves a different need of the parties involved in the transfer. File Format. Usually, these warranty deeds are used in property sales. This type comes with a very limited warranty regarding the condition of the property’s title, and is most often used to provide more protection for the seller than the buyer should title problems arise. Why Are Warranty Deeds Important? There are two basic types of deeds: quitclaim deeds and warranty deeds. There are many types of deeds which are created for transferring a property title from a person to another. The drawback of the warranty deed. A warranty deed works in much the same way for real estate purchases that a bumper-to-bumper warranty works for cars. With general warranty deeds, the seller is promising four things: Some states use the term “statutory warranty deed” to refer to a general warranty deed. A Warranty Deed is a real estate document used when a property owner (grantor) transfers land to a buyer (grantee), and wishes to make a guarantee that the property is free and clear of any encumbrances, like a lien or mortgage.. Warranty Deeds are used in most real estate deed transfers as they offer more protection than a Quitclaim Deed. A map showing the above-described property is recorded in Map Book _____ at page _____ . Warranty Deed Example. A statutory warranty deed conveys the real property with the same covenants from the seller, including a promise that (1) he is the owner, (2) no one else possesses or has a claim to the property, and (3) that no one will interfere with the transfer. The primary deed types include the quitclaim deed, the grand deed, and the warranty deed. > Usage of Warranty Deed Forms. 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